DaimlerChrysler to Cut Jobs

Reuters is reporting that DaimlerChrysler Chief Executive Dieter Zetsche will brief the carmaker's supervisory board on Tuesday about plans to slash white-collar jobs at the group.

The Wall Street Journal, citing a person familiar with the matter, said Zetsche planned to trim global management ranks by around 20 percent, or 5,000 people, with premium division Mercedes Car Group taking the brunt of the cuts.

Germany's Handelsblatt quoted company sources as saying Zetsche, who became group chief executive at the start of the year, aimed to significantly reduce staffing at company headquarters near Stuttgart, where 5,000 staff work.

No one was immediately available at Daimler to comment on the reports.

Mercedes is already in the process of cutting 8,500 mostly manufacturing jobs as a way to boost margins. On Monday, Ford Motor Co. announced plans to cut 25,000 to 30,000 manufacturing jobs and close 14 plants as it tries to shore up its loss-making North American operations.